In the 1970s the theater was partitioned into a multiplex movie theater. Renovations to return to live theater were begun in 2015, and the theater was reopened in 2016, with a 740 seating capacity.[9]

The Studebaker Theatre was the location of the world premiere of A&A BALLET’s "The Art Deco Nutcracker." Called "A glossy rendition filled with "gorgeous, glitzy costumes" and an "impressive cast" (The Chicago Tribune), the brand-new version of the holiday performance choreographed by Alexei Kremnev opened on December 1, 2017 with a great success.[10]